we're seeing in the key cities transaction volumes coming down by 30% to 40%. prices across the key cities have also been softening. so, therefore, in 2012, the central government may consider lifting some of the restrictions. not immediately, but i think in the third quarter of 2012 they may have to lift some of the restrictions. so, overall, the market is deflating. i wouldn't say this would constitute a bursting of the bubble. >> now, exports are down, as you mentioned. europe is china's biggest export market. if things don't get better with the european debt crisis, how will china try to counterbalance what's going on with their export sector? >> you know, china clearly is -- has been counting on exports to drive economic growth for many years. europe, indeed, accounts for 22% of all chinese exports. in the new year, china is going to focus very much on domestic consumption, domestic growth, to offset the slowing exports.